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What counts as rental income?

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    If I took out a mortgage on a property and paid off £500 a month and rented it out and received £600 a month in rent, would my rental income be £100 or £600?

    I'm not of the age to think about this yet but I'm just wondering.
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    (Original post by Ladbants)
    If I took out a mortgage on a property and paid off £500 a month and rented it out and received £600 a month in rent, would my rental income be £100 or £600?

    I'm not of the age to think about this yet but I'm just wondering.
    it would be even less after you've taken off taxes and expenses*
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    (Original post by Reue)
    it would be even less after you've taken off taxes and expenses*
    I meant before that. Like when I declare my rental income do I write £600 or £100?
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    (Original post by Ladbants)
    I meant before that. Like when I declare my rental income do I write £600 or £100?
    £600 if it's before expenses.
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    (Original post by Reue)
    £600 if it's before expenses.
    Thanks
 
 
 
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